| Purpose |
To meet the temporary cash flow mismatch arising out of COVID-19 pandemic. |
|
| Eligibility |
Existing government registered/ recognized Private Educational Institutions maintaining their accounts exclusively with our Bank for the past two years & whose cash flows have been impacted by COVID-19 pandemic. The applicant schools must be of sound financial position and having a satisfactory repayment record in respect of credit facilities availed, if any, from any Bank/ FI. |
|
| Quantum of Finance |
Mismatch in Cash Flows for a maximum period of 06 months OR 06 months total expenditure towards salaries to staff & other miscellaneous expenditures, whichever is lower. Maximum: Rs.25.00 lakh |
|
| Repayment |
Repayable in 06 Equated Monthly Instalments (EMI) after a moratorium period of 06 months from the date of disbursement of the loan. Interest to be served as and when applied. |
|
| Margin |
NIL |
|
| Interest Rate |
9.00% p.a. OR as may be prescribed from time to time with monthly rests. |
|
| Security |
Up to Rs.10.00 lakh Primary: Hypothecation of all receivables of the educational institution. Collateral: Third Party Guarantee of Trustee(s)/ Promoter(s) of the Educational Institution. |
Above Rs.10.00 Lakh Primary: Hypothecation of all receivables of the educational institution. Collateral: a). Mortgage of Immovable Property sufficient to cover the total exposure of the party . |
| Processing Fee |
NIL |
|
For more details contact your nearest Branch of JKGB
*Terms & Conditions apply.